home loan lender
award winning
low rate home loans

Mortgage Refinance Calculator

You could save $74,260 in just 2 hours through refinancing^


Change the information below to see how much you could save

Loan details

Your repayment type:  
Your current loan balance:  
Your current monthly repayments:  
Your current interest rate:    %
Your current exit fees:    
 
     


Option 1:

Keep your monthly repayment the same as with your current lender

Benefit: Pay off your loan sooner therefore save lots on interest
Lender Interest Rate Loan Term Monthly loan repayments Total interest paid over loan term
MyRate 5.17% 21 years 10 months $1,916 $200,337
Your current loan 5.91% 25 years 1 month $1,916 $275,097

Your total savings:

$74,260

How much sooner will your loan be paid off?

3 years 4 months




Option 2:

Reduce your current monthly repayments and keep your loan term the same

Benefit: Save on interest and free up cash every month
Lender Interest Rate Loan Term Monthly loan repayments Total interest paid over loan term
MyRate 5.17% 25 years 1 month $1,783 $235,225
Your current loan 5.91% 25 years 1 month $1,916 $275,097

Monthly repayment saving:

$133

Your interest savings:

$39,372



Option 3:

Reduce your monthly repayment even more and extend your loan term

Benefit: Free up even more cash every month
Lender Interest Rate Loan Term Monthly loan repayments
MyRate 5.17% 30 years $1,642
Your current loan 5.91% 25 years 1 month $1,916

Monthly repayment savings:

$274

Note: Taking advantage of option 3 will extend your loan term and will therefore mean that you will pay more in total interest over the life of the loan (assuming that you would pay off your existing loan in less than 30 years)


Refinancing with MyRate:

Your MyRate consultant will handle the refinance from start to finish and communicate with your current lender, saving you the hassle!


^ It takes approximately 2 hours to complete your loan application and gather your supporting documents with MyRate. Big banks' interest rate is based on advertised standard variable rate. The numbers shown are an estimate only. Other lender and/or government fees and charges may apply.
Was the information on this page helpful?  
how much can i borrow
home loan enquiry
Ask us a quick question  
MyRate Update
Wednesday 9th April 2014

Borrow up to 97%?

MyRate can offer a 97% LVR on purchases including capitalised LMI. Available at 5.17% variable and comparison rate.

Enquire now to find out more.

Awards & Accreditations
Postcodes of MyRate funded loans
MyRate is a Kiva supporter